RBA’s Stevens: monetary policy not necessarily a ‘blunt instrument’

Glenn Stevens, the governor of the Reserve Bank of Australia, on Monday said that even in economies with significant differences across regions and sectors, monetary policy remained appropriate for maintaining macroeconomic stability.

Stevens pointed out that the free-flow of factors of production and availability of discretionary fiscal transfers could easily offset unwanted effects of nationally implemented rates.

Consumer price index data for Australia shows that prices between regions have

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